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Newsletter

The tax implications of being a winner

Submitted by Eck, Schafer & Punke, LLP on August 20th, 2019

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune.

Winning at gambling

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The “kiddie tax” hurts families more than ever

Submitted by Eck, Schafer & Punke, LLP on August 20th, 2019

Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, it has gotten worse today.

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Take a closer look at home office deductions

Submitted by Eck, Schafer & Punke, LLP on August 20th, 2019

Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundle, if you meet the tax law qualifications.

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Now is a good time to review your investments

Submitted by Eck, Schafer & Punke, LLP on August 20th, 2019

You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation. Under the proposal, the purchase price of assets would be adjusted so that no tax is paid on the appreciation due to inflation.

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It’s a good time to buy business equipment and other depreciable property

Submitted by Eck, Schafer & Punke, LLP on August 20th, 2019

There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased and expanded by the Tax Cuts and Jobs Act (TCJA).

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Volunteering for charity: Do you get a tax break?

Submitted by Eck, Schafer & Punke, LLP on August 20th, 2019

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth.

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You may have to pay tax on Social Security benefits

Submitted by Eck, Schafer & Punke, LLP on August 20th, 2019

During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed.

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Which entity is most suitable for your new or existing business?

Submitted by Eck, Schafer & Punke, LLP on August 20th, 2019

The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable C corporations paid up to 35%.

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Deadline Approaching for Illinois Employers

Submitted by Eck, Schafer & Punke, LLP on August 12th, 2019

Retirement Plans Required

The Illinois Secure Choice Act is designed to establish a retirement savings program sponsored by the State of Illinois for employers who do not already offer a plan.

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Is an HSA right for you?

Submitted by Eck, Schafer & Punke, LLP on June 18th, 2019

To help defray health care costs, many people now contribute to, or are thinking about setting up, Health Savings Accounts (HSAs). With these accounts, individuals can pay for certain medical expenses on a tax advantaged basis.

The basics

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227 South 7th Street
Springfield, Illinois
62701 United States

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Avantax affiliated advisors may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.

The Avantax family of companies exclusively provide investment products and services through its representatives.  Although Avantax Wealth ManagementSM does not provide tax or legal advice, or supervise tax, accounting or legal services, Avantax representatives may offer these services through their independent outside business. 

This information is not intended as specific tax or legal advice.  Please consult our firm and your legal professional for specific information regarding your individual situation.

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